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Major bank renews SME product for brokers

by Francesca Krakue4 minute read

NAB has recently announced it will be renewing its small business offer, giving brokers access to a flexible small business product for loans up to $1 million.

“Diversifying into small business lending can be a big step for brokers,” says NAB general manager of broker distribution, Steve Kane.

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As such, brokers will now have access to the NAB Business Options Loan through the lender’s renewed small business offer, which will provide a tailored small business product for loans up to $1 million with a $0 application fee.

Brokers will now have access to a new small business toolkit, which includes a conversation tool to assist them to have informed discussions with their customers.

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The toolkit also includes a pre-qualifying tool that guides brokers on what customer information to provide pending the type of transaction. Once completed, the tool then tells brokers whether an application would meet NAB qualifying criteria for the relevant facility.

Further, brokers will be supported by a centralised team of business bankers dedicated to originating broker-referred small business lending.

These bankers have a full credit approval authority for the home lending and business lending needs of small business customers, and are a single point of contact for brokers.

“We want more brokers to consider small business lending as a way to not only grow their own business, but to service more of their customer needs,” Mr Kane concluded.

[Related: Business activity at solid levels]

Major bank renews SME product for brokers
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